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Mahindra Lifespace Developers has informed the exchanges that Mahindra Happinest Developers has become a 51 per cent subsidiary of the company from October 24. The company was incorporated as a wholly-owned subsidiary on September 6. Mahindra Lifespace Developers, the real estate arm of Mahindra Group, has partnered with HDFC Capital Advisors, a unit of Housing Development Finance Corp, that will invest through its HDFC Capital Affordable Real Estate Fund-1. The stock of Mahindra Lifespace closed flat at ₹463.45 on the NSE.
Indosolar on Tuesday informed the exchanges that Union Bank of India has approved its proposal for a one-time settlement. The proposal has two components - serviceable debt and non-serviceable debt. The former will be paid within six years (by March 2014). Non-serviceable debt will be converted into optionally convertible cumulative redeemable preference shares, which will be redeemed within four years starting from April 1, 2024. Shares of Indosolar jumped 6.3 per cent at ₹7.6 on the NSE while those of Union Bank climbed 3.75 per cent at ₹131.40.
Tara Jewels on Tuesday said it has received ₹83.2-crore worth new export orders from global retail clients for Christmas. However, the company has not disclosed any other details about the order. Shares of Tara Jewels slumped 4.75 per cent at ₹24.05 on the NSE.
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